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The Indian bullion markets were almost flat on Friday early session due to multiple reasons. Gold was a bit low and silver was trading a bit high. The 24-carat variant of the yellow metal was trading at Rs 47,530/10 gm, down by only Rs 88/10 gm from previous day’s price of Rs 47,618/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was trading at Rs 43,537/10 gm, down by Rs 81 from previous day’s rate of Rs 43,618/10 gm.

“Gold is now trading on mixed fundamentals of fear of new variant Omicron and early bond tapering by the US Fed. Technically, gold has broken the major levels and may remain under pressure for a few more trading sessions,” said Ravi Singh, vice president, ShareIndia.

“Gold prices were down and hit a four-week low in midday US trading on Thursday. The near-term chart posture for the gold market is deteriorating now. Also, weak-handed longs in the gold futures markets are being forced to liquidate their positions amid the recent sell off,” said Amit Khare, AVP- research commodities, Ganganagar Commodity Limited.

Silver slightly up

Unlike yellow metal, silver was slightly up in the early session on December 3 and crossed Rs 61,000/kg mark. The white metal was trading at Rs 61,017/kg, up by Rs 290/kg from the previous day’s price of Rs 60,727/kg on December 3.

“Gold and silver both showed negative movement on December 2 trading session. We have seen huge volatility in bullions, and this may continue for full month of December. The current levels are the best prices for short term investors,” Khare said.

“As per technical charts overall structure of both gold and silver are looking positive. Momentum indicator RSI is also indicating the same in hourly charts and trading at oversold zone,” Khare added.